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ACTG 1P91 Study Guide - Midterm Guide: Income Statement, Current Liability, Accounting Equation

Course Code
Linda Stillabower
Study Guide

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Actg 1P91, Fall, 2010
Midterm Test #1B
Brock University
Actg 1P91
Midterm Test
October13, 2010
Professor: L.Stillabower
Duration: 1 hour
Name ________________________________________
I.D.# _________________________________________
1. Use of a calculating device is permitted. Use of a calculator that is programmable is NOT permitted. You
also must turn off all cell phones, blackberries, or similar devices.
2. Indicate clearly all calculations, whether or not they are relevant to the final answer. Correct numbers
without adequate supporting calculations will receive zero marks.
3. If you feel you require more information in a fact situation or for a question, outline the exact nature of the
information, make whatever assumptions you believe are necessary, and specify how these affect your
answer. Do not contradict facts or assume the abnormal.
4. There are 6 total pages (including this cover page) in the test. Please be sure you have all pages.
5. The total marks available on the test equal s 65. Each section is noted with the number of marks available.
In addition, each section indicates the amount of time estimated to complete the section. The total of these
time estimates is 1 hour.
6. The test will end promptly at the end of 1 hour 15 minutes. There will be no additional time allowed for
students who arrive at the test late or who are unable to finish. Please manage your time accordingly.
8. Note that if the question contains numbers, I expect you to use these numbers in your answer.

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Actg 1P91, Fall, 2010
Midterm Test #1B
I. Short-Answer (16 marks; 15 minutes)
Answer each of the following questions as completely as possible, keeping in mind its relative worth for the total
marks available. It is not necessary to use complete sentences. Point form is acceptable and recommended.
Examples are acceptable if you wish to clarify your comments. Examples without accompanying explanatory
comments, however, are not acceptable.
1. 4 Marks
Define assets. Discuss their relationship to liabilities and stockholders’ (owners’) equity
2. 3 Marks
Distinguish accrual accounting from cash accounting.
3. 3 Marks
What information is communicated by the income statement?
4. 3 Marks
Explain the matching concept.
5. 3 Marks
What three criteria (conditions) must be met in order for a company to recognize revenue?
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